ACC 291 Week 3 Practice: Connect Practice Assignment
ACC 291 Week 3 Practice: Connect Practice Assignment
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ACC 291 Week 3 Practice: Connect Practice Assignment
https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM
ACC 291 Week 3 Practice: Connect Practice Assignment
attempt 1
1
Florence Company received a bank statement showing a balance of $13,550 on November 30, 2019. During the bank reconciliation process, Florence’s accountant noted the following bank errors:
- A check for $265 issued by Florentine, Inc., was mistakenly charged to Florence Company’s account.
- Check 2782 was written for $200 but was paid by the bank as $1,200.
- Check 2920 for $85 was paid by the bank twice.
- A deposit for $580 on November 22 was credited by the bank for $850.
Assuming outstanding checks total $2,450, prepare the adjusted bank balance section of the November 30, 2019, bank reconciliation.
2
On January 2, The Public Legal Clinic issued Check 2108 for $450 to establish a petty cash fund. Indicate how this transaction would be recorded in a general journal.
3
Di Stefano Office Supply Company received a bank statement showing a balance of $70,005 as of March 31, 2019. The firm’s records showed a book balance of $71,487 on March 31. The difference between the two balances was caused by the following items.
- A debit memorandum for $40, which covers the bank’s collection fee for the note (item 6).
- A deposit in transit of $4,700.
- A check for $348 issued by another firm that was mistakenly charged to Di Stefano’s account.
- A debit memorandum for an NSF check of $6,145 issued by Wozniak Construction Company, a credit customer.
- Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
- A credit memorandum for a $7,300 noninterest-bearing note receivable that the bank collected for the firm.
Prepare a bank reconciliation statement for the firm as of March 31. Prepare the necessary journal entries for March 31, 2019 from the statement.
ACC 291 Week 3 Practice: Connect Practice Assignment
https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM
ACC 291 Week 3 Practice: Connect Practice Assignment
attempt 1
1
Florence Company received a bank statement showing a ba